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Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

Bentley seasons the Continental GT and Bentayga with carbon fiber pack

Because Bentley is Bentley, and nothing it offers is "regular," it has a different name for select features available on its vehicles. Rather than calling these options or packages, they are called "specifications." One of the specifications available on the Continental GT, Continental GT Convertible and the Bentayga is called the Styling Specification, and it brings gloss carbon fiber elements to these cars' exteriors.  Both the Bentayga and the Continental GT have numerous Specifications available for extra purchase. The Bentayga is available with a Blackline Specification, All Terrain Specification, City Specification, Event Specification, Smoker's Specification, Sunshine Specification and the Touring Specification. In addition to the Smoker's, City and Touring Specs, the Continental GT also offers the Diamond Knurling Specification, Mood Lighting Specification and Front Seat Comfort Specification. The Styling Specification, though developed to align with the vehicles' aerodynamics, are intended to create a visual impact, as the name suggests. This package uses high-gloss carbon fiber to shape a front bumper splitter, side skirts with metallic Bentley badges, a rear diffuser and the trunk spoiler. The Bentayga is slightly different from the Continental GT package, as it also features a bi-plane tailgate spoiler and rear screen strakes. Further options include carbon fiber front air blades, wing vents and mirror caps. The carbon fiber in the Styling Specification uses a 2x2 twill pattern with matching directional weave across every part. It is also hand-crafted in a way that the carbon fiber is mirrored at the center of the vehicle to create a balanced look that will please perfectionist minds. Bentley says the Bentley badges on the side skirts were created through 3D electroforming, which could generally be described as a more precise version of 3D printing. The badges were specifically designed to "minimize the risk of air bubbles forming in the lacquer overcoat" while introducing a textured look. The Styling Specification can be ordered for a new car or retrofitted on an old car. It will also soon be available on the Bentley Mulsanne. Related Video:

Bentley plotting rear-drive Continental GT3-R?

Coupe, convertible or Flying Spur sedan: no matter what body-style you get, or what engine you specify, the Bentley Continental comes with all-wheel drive. It's been that way since the model line was first introduced a dozen years ago. But that looks poised to change... at least for one notable exception. According to Autocar, Bentley is all but certain to launch a rear-drive version of the Continental GT3-R sometime next year, ditching the front half of the drivetrain to cut a good 440 pounds off the curb weight to make it the lightest Conti yet. The Continental GT3-R launched last year with less weight and more power, along with a stiffer suspension, upgraded brakes and a titanium exhaust. It drew its inspiration from the Continental GT3 racer, but unlike the competition version, kept the AWD drivetrain in place. "A lot of people expected the GT3-R to be a proper rear-wheel-drive sports car," Bentley's chief engineer Rolf Frech said to Autocar, "but the problem was timing. We needed the car at the end of the first season of our GT3 racing car, and to do a proper change of the complete powertrain needed longer than we had. But we have the concept in our mind, so why not?" Denuded of its all-wheel drive, the Conti GT3-RS – assuming Porsche doesn't mind lending the name to its sister company – would be the most hardcore version of the go-to luxury coupe, and would promise to cut its already blitzkreig 3.6-second 0-60 time down even further. Especially if the 4.0-liter twin-turbo V8 were tuned to deliver even more than the 572 horsepower and 516 pound-feet of torque it already kicks out in the existing GT3-R. Chances are it'd be even less accessible, though: the 99 examples of the Conti GT3-R that are coming to the States out of the 300 total to be made already carry a $337k sticker price, and the rear-drive model would likely push the production:price see-saw even higher to the right.